Legal Opinion
Estate of B. F. Whitaker v. Commissioner
Court of Appeals for the Fifth Circuit
Decided September 16, 1958No. 16806PublishedCited by 13 opinions
1Opinion of the Court
WISDOM, Circuit Judge.
This case concerns some of the tax problems of a racehorse owner. Two tax principles are involved: “claim of right” and “accelez'ated depreciation”. The appeal presents these questions:
I. As to the horse Requested: When a breeding contract guarantees a live foal, are stud fees income in the year the fees are received, under the claim of right doctrine, or *381in the following year in which the foal is born?
II. As to the horse Baby Jeanne:
Is a taxpayer entitled to accelerated depreciation on a racehorse in the year the horse bows a tendon and can no longer race or must the…
2Cases cited17 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Automobile Club of Mich. v. CommissionerSupreme Court of the United States · 1957
- Brown v. HelveringSupreme Court of the United States · 1934
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Healy v. CommissionerSupreme Court of the United States · 1953
12 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Wilkinson-Beane, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1970
- Frelbro Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1963
- Surtronics, Inc. v. CommissionerUnited States Tax Court · 1985
- Carlstedt Associates, Inc. v. CommissionerUnited States Tax Court · 1989
- Hall v. CommissionerUnited States Tax Court · 1976
8 more not listed; retrieve them via the Exa API.